**REGISTERED COMPANY NUMBER: 01157880 (England and Wales) REGISTERED CHARITY NUMBER: 267447**
**WYCHDALE LIMITED (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
**WYCHDALE LIMITED**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Cash Flow Statement**||8||
|**Notes to the Cash Flow Statement**||9||
|**Notes to the Financial Statements**|10|to|15|
## **WYCHDALE LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022**
**TRUSTEES** Mr C D Schlaff Mrs Z Schlaff Mr J J Schlaff **COMPANY SECRETARY** Mrs Z Schlaff **REGISTERED OFFICE** First Floor 94 Stamford Hill London N16 6XS **REGISTERED COMPANY** 01157880 (England and Wales) **NUMBER REGISTERED CHARITY** 267447 **NUMBER INDEPENDENT EXAMINER** Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS **BANKERS** HSBC Bank plc 312 Seven Sisters Road Finsbury Park London N4 2AW
Page 1
## **WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims for the public benefit**
The objects of the charity are the advancement of religion in accordance with the Orthodox Jewish Faith and for such other purposes as are recognised by English Law as charitable.
The trustees have considered the Charity Commission's general guidance on public benefit. The charity is grantmaking.
## **Grantmaking**
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The trustees are pleased with the results of the charity for the year. The was reduction in income of about 10% although the trustees increased grantmaking substantially.
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees maintain sufficient reserves to ensure that they can continue the activities of the charity. Reserves at the year end were £1,172,609 (2021 - £1,070,448).
## **FUTURE PLANS**
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 22 January 1974.
## **Organisational structure**
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
## **Risk management**
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
Page 2
## **WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 28 June 2023 and signed on its behalf by:
Mr C D Schlaff - Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WYCHDALE LIMITED**
## **Independent examiner's report to the trustees of Wychdale Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
28 June 2023
Page 4
## **WYCHDALE LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Grantmaking
Support
**Total**
Net gains/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2022**
**Unrestricted**
**fund**
**£**
510,000
41,072
551,072
2,298
411,450
4,883
418,631
(30,280)
102,161
1,070,448
1,172,609|**2021**
**Total**
**funds**
**£**
565,000
43,185|
|---|---|---|
|||608,185|
|||1,353
68,713
3,389|
|||73,455|
|||-|
|||534,730
535,718|
|||1,070,448|
The notes form part of these financial statements
Page 5
## **WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)**
## **BALANCE SHEET 31 MARCH 2022**
|**Notes**
**FIXED ASSETS**
**Investments**
Investments
9
Investment property
10
**CURRENT ASSETS**
Debtors
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
13
**NET ASSETS**
**FUNDS**
15
Unrestricted funds:
General fund
**TOTAL FUNDS**|**2022**
**Total**
**funds**
**£**
147,691
750,000
897,691
201,800
1,160,654
1,362,454
(587,536)
774,918
1,672,609
(500,000)
1,172,609
1,172,609
1,172,609|**2021**
**Total**
**funds**
**£**
177,971
750,000
927,971
233,921
499,092
733,013
(590,536)
142,477
1,070,448
-
1,070,448
1,070,448
1,070,448|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
## **WYCHDALE LIMITED (REGISTERED NUMBER: 01157880)**
## **BALANCE SHEET - continued 31 MARCH 2022**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 June 2023 and were signed on its behalf by:
Mr C D Schlaff - Trustee
The notes form part of these financial statements
Page 7
## **WYCHDALE LIMITED**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022**
|||**2022**|**2021**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|**Cash flows from operating activities**||||
|Cash generated from operations|1|156,751|494,305|
|Net cash provided by operating activities||156,751|494,305|
|**Cash flows from investing activities**||||
|Interest received||31|1|
|Dividends received||4,780|7,398|
|Net cash provided by investing activities||4,811|7,399|
|**Cash flows from financing activities**||||
|New loans in year||500,000|-|
|Net cash provided by financing activities||500,000|-|
|||||
|**Change in cash and cash equivalents**||||
|**in the reporting period**||661,562|501,704|
|**Cash and cash equivalents at the**||||
|**beginning of the reporting period**||499,092|(2,612)|
|**Cash and cash equivalents at the end**||||
|**of the reporting period**||1,160,654|499,092|
The notes form part of these financial statements
Page 8
## **WYCHDALE LIMITED**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022**
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||**2022**|**2021**|
|||**£**|**£**|
||**Net income for the reporting period (as per the Statement of**|||
||**Financial Activities)**|102,161|534,730|
||**Adjustments for:**|||
||Losses on investments|30,280|-|
||Interest received|(31)|(1)|
||Dividends received|(4,780)|(7,398)|
||Decrease/(increase) in debtors|32,121|(35,786)|
||(Decrease)/increase in creditors|(3,000)|2,760|
||**Net cash provided by operations**|156,751|494,305|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**|||
|**Net cash**
Cash at bank
**Debt**
Debts falling due after 1 year
**Total**|**At 1.4.21**
**£**
499,092
499,092
-
-
499,092|**Cash flow**
**£**
661,562
661,562
(500,000)
(500,000)
161,562|**At 31.3.22**
**£**
1,160,654
1,160,654
(500,000)
(500,000)
660,654|
|---|---|---|---|
The notes form part of these financial statements
Page 9
**WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Judgements and key sources of estimation uncertainty**
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties
Grants are only recognised in the accounts when paid.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Activities.No depreciation is provided in respect of investment properties applying the fair value.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
Page 10
## **WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**||
|---|---|
|**2022**
**Unrestricted**
**funds**
**£**
Rents received
36,261
Dividends received
4,780
Deposit account interest
31
41,072|**2021**
**Total**
**funds**
**£**
35,786
7,398
1|
||43,185|
## **3. RAISING FUNDS**
## **Investment management costs**
|**Investment management costs**|||
|---|---|---|
||**2022**|**2021**|
||**Unrestricted**|**Total**|
||**funds**|**funds**|
||**£**|**£**|
|Insurance|1,089|971|
|Property repairs|1,209|382|
||2,298|1,353|
## **4. CHARITABLE ACTIVITIES COSTS**
|**Grant**
**funding of**
**activities**
**(see note**
**5)**
**£**
Grantmaking
411,450
Support
-
411,450
**5.**
**GRANTS PAYABLE**
Grantmaking
The total grants paid to institutions during the year was as follows:
Advancement of religion
Advancement of education
Relief of poverty
Medical
Social welfare|**Support**
**costs (see**
**note 6)**
**£**
-
4,883
4,883
**2022**
**£**
411,450
**2022**
**£**
343,100
29,100
34,250
-
5,000
411,450|**Totals**
**£**
411,450
4,883|
|---|---|---|
|||416,333|
|||**2021**
**£**
68,713|
|||**2021**
**£**
40,683
27,250
450
330
-|
|||68,713|
Page 11
## **WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **5. GRANTS PAYABLE - continued**
|The ABC Trust|254,500|
|---|---|
|United Talmudical Associates Ltd|82,000|
|Mercaz Hatorah Belz Machnivke|19,000|
|Friends of Beis Soroh Schneirer|10,000|
|Yad Eliezer|10,000|
|Other under £10,000|35,950|
|||
||411,450|
|||
## **6. SUPPORT COSTS**
|||**Governance**||
|---|---|---|---|
||**Finance**|**costs**|**Totals**|
||**£**|**£**|**£**|
|Support|172|4,711|4,883|
|Support costs, included in the above, are as follows:||||
|**Finance**||||
|||**2022**|**2021**|
||||**Total**|
|||**Support**|**activities**|
|||**£**|**£**|
|Bank charges||172|178|
|**Governance costs**||||
|||**2022**|**2021**|
||||**Total**|
|||**Support**|**activities**|
|||**£**|**£**|
|Independent examiner's fee||960|840|
|Independent examiner's other fees||2,400|1,920|
|General expenses||1,351|451|
|||4,711|3,211|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Page 12
## **WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **8. AVERAGE STAFF NUMBERS**
The average number of employees during the year was Nil (2021 - Nil).
## **9. FIXED ASSET INVESTMENTS**
|**Shares in**
**group**
**Listed**
**undertakings investments**
**£**
**£**
**MARKET VALUE**
At 1 April 2021
3
177,968
Revaluations
-
(30,280)
At 31 March 2022
3
147,688
**NET BOOK VALUE**
At 31 March 2022
3
147,688
At 31 March 2021
3
177,968|**Totals**
**£**
177,971
(30,280)
147,691
147,691
177,971|
|---|---|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
## **In-Situ Estates Limited**
Registered office: First Floor 94 Stamford Hill London N16 6XS Nature of business: Property investment
## **10.**
|**%**
**Class of share:**
**holding**
Ordinary
75
Aggregate capital and reserves
Profit for the year
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 April 2021
and 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021|**31.3.22**
**£**
370,807
14,010|**31.3.21**
**£**
356,797
16,492
**£**
750,000
750,000
750,000|
|---|---|---|
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
Page 13
## **WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
|**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amounts owed by group undertakings
Other debtors
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accruals and deferred income
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Other loans (see note 14)
**14.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Other loans - 2-5 years
**15.**
**MOVEMENT IN FUNDS**
**At 1.4.21**
**£**
**Unrestricted funds**
General fund
1,070,448
**TOTAL FUNDS**
1,070,448
Net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
551,072
(418,631)
**TOTAL FUNDS**
551,072
(418,631)|**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amounts owed by group undertakings
Other debtors
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accruals and deferred income
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Other loans (see note 14)
**14.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due between two and five years:
Other loans - 2-5 years
**15.**
**MOVEMENT IN FUNDS**
**At 1.4.21**
**£**
**Unrestricted funds**
General fund
1,070,448
**TOTAL FUNDS**
1,070,448
Net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
551,072
(418,631)
**TOTAL FUNDS**
551,072
(418,631)|**2022**
**£**
144,343
57,457
201,800
**2022**
**£**
584,176
3,360
587,536
**2022**
**£**
500,000
**2022**
**£**
500,000
**Net**
**movement**
**in funds**
**£**
102,161
102,161
**Gains and**
**losses**
**£**
(30,280)
(30,280)|**2021**
**£**
144,343
89,578
233,921
**2021**
**£**
584,176
6,360
590,536
**2021**
**£**
-
**2021**
**£**
-
**At**
**31.3.22**
**£**
1,172,609
1,172,609
**Movement**
**in funds**
**£**
102,161
102,161|
|---|---|---|---|
|||||
|||||
Page 14
## **WYCHDALE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **15. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**At 1.4.20**
**£**
**Unrestricted funds**
General fund
535,718
**TOTAL FUNDS**
535,718
Comparative net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
608,185
**TOTAL FUNDS**
608,185|**Net**
**movement**
**At**
**in funds**
**31.3.21**
**£**
**£**
534,730
1,070,448
534,730
1,070,448
**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(73,455)
534,730
(73,455)
534,730|
|---|---|
## **16. RELATED PARTY DISCLOSURES**
All donations came from a related party. Creditors include an interest free loans of £575,000 from a trustee and £500,000 from a related party. Other related party transactions are disclosed in note 9.
Page 15